What happened Shares of Waitr Holdings (NASDAQ: WTRH) were spiking higher on Monday morning, after the company "pre-announced" partial results for its second quarter. The stock was fluctuating wildly, up as much as 28%. But as of 11 a.m. EDT today, it was "only" up 20%. The surprise news for Q2 is that Waitr Holdings is profitable, something elusive for many of its food-delivery peers. WTRH data by YCharts. So what Waitr Holdings was only founded in 2013, so this is still a young company trying to profit from the growing trend in food delivery. As restaurants shifted to an entirely to-go operating model because of the coronavirus, third-party technology platforms like Waitr saw surging adoption. Last year, Waitr Holdings revenue in the second quarter was $51.3 million. This year, revenue in Q2 was $60 million, good for 17% year-over-year growth. That's good, but maybe not as much as one might expect. And it's probably not enough to explain the stock's better than 1,000% return in 2020. I suspect investors are celebrating Waitr's profitability. The company expects Q2 net income of no less than $8 million. For perspective, it lost $25 million in Q2 last year. That's an impressive turnaround. Image source: Getty Images. Now what Prioritizing bottom-line growth is important for Waitr Holdings. Prior to the pandemic, the company was struggling. First-quarter revenue was down 8% from the previous year, and it posted a loss of $2 million. It still had plenty of cash then with $39 million, but it was also carrying a heavy long-term debt burden of $126 million. That's massive for a small-cap stock like Waitr. With its upbeat Q2, Waitr Holdings has increased its cash on hand to $66 million, and it managed to address some of its debt. It will need to continue making fiscally prudent moves and hope that consumers continue using its platform even once dine-out restaurant activity returns to normal. 10 stocks we like better than Waitr Holdings IncWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Waitr Holdings Inc wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 2, 2020 Jon Quast has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source